HDFC hikes home loan rate by 10 bps

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HDFC hikes home loan rate by 10 bps
Housing Development Finance Corporation (HDFC) has raised its retail prime lending rate (RPLR) by 10 basis points (bps) to 16.75 per cent with effect from December 1, said the media report.

With this increase, the housing finance company's interest rates on home loans of up to Rs 30 lakh will go up to 10.50 per cent, while from Rs 30 lakh to less than Rs 75 lakh, the rate will be 10.75 per cent.

This is HDFC's first hike in lending rates after the RBI raised the repo rate by 25 bps to 7.75 per cent, late October.

Since HDFC depends on borrowed funds that are largely from banks, any rate revision by the banks have a direct impact on its cost of funds, added the media report.

Dion Global Solutions Ltd.

Story first published: Wednesday, December 4, 2013, 9:11 [IST]
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